4 Steps to Grow Your Business

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Growing your business requires a systematic and disciplined approach that is similar to the plans you set forth when starting your business. In today’s fast and challenging business environment, it is necessary to have a proven process in place to grow successfully. We at Sina Advisory Group call this process the Four-Step Growth Cycle. Here is a glimpse of how this process will take your company to the next level of success. Let one of our professionals work with you to achieve your optimum growth potential.

Vision

It’s the time that you work “on” your business, rather than “in” your business. It’s about sitting back and thinking about the stated aims and objectives of your business, what is so unique about you and your business, your target market, and who will be leading the path to growth and profitability.

Business Goals and Objectives: This stage involves thinking about what you are trying to achieve.

Business Uniqueness: Determining what makes your business different from any other companies in your industry.

Target Market: Defining the typical customer you are hoping to draw and retain.

Planning

It’s important to develop a roadmap that defines a step-by-step action plan for success. You should be able to provide answers to five “Ws” and one “H”: Who, What, When, Where, Why, and How. Once you have answered these specific questions, then you can move forward in finding ways to begin your journey of success. Some ideas may include:

Improving your inventory turnover

Controlling cost of sales

Managing payroll expenses

Exceeding your current customers’ expectations

Establishing a Refer-A-Friend program

Devising a reward system for employees who meet or exceed sales goals.

Opening a new location

Introducing a new product or service

Forming a power- partnership with other local businesses to deliver value-added products and services

Expanding to other markets

Designing a winning website to enhance your online presence

Below is an example of an effective action plan. Let’s assume that a retail clothing store is having great success in all metropolitan areas and the owner is planning to open new locations:

Executing your well-defined action plan is the most vital step. If you have the best vision and plan, but you are not able to implement the plan, you will not be able to successfully achieve your goals. At this step, you have to create the best follow-up, follow-through, and inspection of what you are expecting from the system to achieve the best possible outcome. You have to lead by example to ensure that all members of your organization, both department heads and employees, understand the mission, and that they are all on board. Specific recommendations include:

Training and coaching workshops – train and coach employees who are the face of your company. Answer the basic question: Why we are doing this, and how (six Ws)?

Six Sigma Strategy – a set of tools and techniques/strategies for process improvement

Utilization of technology to streamline implementation

Incentive Plans – a policy to reward the top performers

Tracking

Monitoring the results of your plan will ensure that your vision becomes a reality. At this step you will generate sales reports, key performance reports, and other necessary documentation to showcase your achievements, reward great performers, and improve areas that need attention.

Recommendations may include:

Individual, group, and company-wide sales reports

Inventive and commission reports

Customer satisfaction reports

Productivity reports

Expense reports

Inventory reports

As you can see, the process of growing your business requires many steps and strategies to achieve your individual goals and incentives. Let Sina Advisory Group partner with you through the Four-Step Growth Cycle to lead you in the right direction towards the future success of your company.